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More than 7 million Americans have gone into "serious delinquency" on their car loans, according to the Federal Reserve Bank of New York, and that is one of the reasons the US Fed has become more cautious about raising interest rates.

In fact, the automobile industries of the US and Europe have — for different reasons — started to show symptoms of something serious happening in the underlying Western economies. Europe is flirting with recession, and many people here have simply stopped buying cars. In America, danger signals from auto-loan debt suggest US consumers don't feel as though they're enjoying the best of times.

Both factors suggest many consumers feel their finances are no longer robust enough to handle big-ticket purchases.

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